Business News Round Up (20/04/2021)
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Unemployment falls but five million still on furlough
The UK unemployment rate fell to 4.9% in 3 months to February, according to the latest official figures. It’s down from 5% in 3 months to January despite most of the UK being under strict lockdown restrictions for at least some of the period. The Office of National Statistics (ONS) said the jobs market was “broadly stable” but “remains subdued”. It added that five million people were employed but still on furlough. ONS director of economic statistics Darren Morgan said: “The latest figures suggest that the jobs market has been broadly stable in recent months after the major shock of last spring. The number of people on payroll fell slightly in March after a few months of growth.
Scottish unemployment rate remains unchanged
Scotland’s unemployment rate from December 2020 to February 2021 remained at 4.4%. The Office for National Statistics (ONS) said the employment rate, for those aged 16 to 64, over the same period was 74.6%. This was up 0.2% on the previous quarter. There were 2.567 million people aged 16-64 in employment between December and February, while 120,000 in that age range were unemployed. According to the ONS, some 1.67 million people were unemployed between December and February. That is down 50,000 on the previous quarter but still 311,000 higher than a year ago. It said young people continued to bear the brunt of the crisis, amid large-scale job losses in sectors such as hospitality and retail. People under 25 accounted for more than half of the payroll jobs lost in the year to March, it said – some 436,000 positions.
https://www.bbc.co.uk/news/uk-scotland-scotland-business-56812075
UK fintech investment hits new heights as government announces increased support
The UK fintech sector saw high levels of investment in the first quarter of this year, with increased support from the government.The first three months of this year saw a record investment in UK financial technology (fintech) firms as confidence returns after a cautious year for investors. According to the figures from Innovate Finance, the quarter saw $2.9bn invested, which was over four times higher than the same period in 2020, and two-and-a-half times higher than the previous quarter. There were 117 deals, six of which were worth more than $100m, including Checkout.com ($450m) and Starling Bank ($376m). Innovate Finance said there are increasing number of UK fintechs announcing initial public offerings (IPOs) and unveiling plans to list their business on public markets.
North West of England prime destination for PE VC investment, says new report
England’s North West is a prime destination for private equity and venture capital investment, and therefore a ‘key player’ in the UK’s growth-led recovery, a new report has found. The report, produced by the British Private Equity and Venture Capital Association (BVCA), takes a closer look at investment in the North West of England and is the first in a series of publications that look at the benefits of private equity and venture capital backing on a region-by-region basis. The benefits, both social and economic, are illustrated by the latest industry data – including how many businesses and sectors are supported, the number of jobs they create and the total investment value – alongside a set of new case studies featuring a number of private-capital backed businesses from across Merseyside, Cheshire, and Lancashire.